According to Age Concern, many elderly people are unable to live on their pension and, therefore, are being forced to return to work.

Helen Spinney of Age Concern said that many people realise that their retirement income is not as much as they had anticipated so they are continuing to work beyond the state pension age, currently 60 for women and 65 for men.

Ms Spinney said reasons do vary and some people continue to work because they enjoy their jobs. She continued that when a lot of people reach retirement age, they are surprised at how little their income is.

Statistics from thsismoney.co.uk recently revealed that the number of older people living in poverty in the UK increased last year. Average income from occupational pension schemes was £146 per household compared to £150 the previous year.

A recent article highlighted that many pensioners are going back to work after retirement, not because they need the money but because they enjoy work. This is called ‘returnment’ – a phrase invented in America.

Returnment describes those staying in the workplace not out of financial necessity, but because they enjoy work. A recent survey by the Employer’s Forum on Age, which campaigns on age issues in the workplace, found 93% of over-60s like to work, a higher percentage than any other age group.

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According to Age Concern, many elderly people are unable to live on their pension and, therefore, are being forced to return to work.

Helen Spinney of Age Concern said that many people realise that their retirement income is not as much as they had anticipated so they are continuing to work beyond the state pension age, currently 60 for women and 65 for men.

Ms Spinney said reasons do vary and some people continue to work because they enjoy their jobs. She continued that when a lot of people reach retirement age, they are surprised at how little their income is.

Statistics from thsismoney.co.uk recently revealed that the number of older people living in poverty in the UK increased last year. Average income from occupational pension schemes was £146 per household compared to £150 the previous year.

A recent article highlighted that many pensioners are going back to work after retirement, not because they need the money but because they enjoy work. This is called ‘returnment’ – a phrase invented in America.

Returnment describes those staying in the workplace not out of financial necessity, but because they enjoy work. A recent survey by the Employer’s Forum on Age, which campaigns on age issues in the workplace, found 93% of over-60s like to work, a higher percentage than any other age group.

Discuss this in the Finance Markets forums

Story link: Elderly people forced back to work

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